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What Is a Escheat? Definition, Uses and Importance.

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The closest equivalent to this would be if you died without an heir and your property was then given back into state control.

In some jurisdictions, banks, landlords, and any other organization that’s placed in charge of another’s property is expected to hand it over, if the owner has not been active for 3 years.

If these organizations are unable to find these owners, they must hand the property over to the state government. However, before the state can fully take ownership of the property, they must try to find the real owners or even their relatives. This is done as a means of allowing them to reclaim their property.

Properties end up unclaimed because the owners have died and didn’t make arrangements or instruct the probate court on how to distribute the property.

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